Big Name NYC CEOs Urge Congress To Pass Terrorism Insurance Bill
Jul 23, 2014, 00:20 IST
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Today, the CEOs of New York City's 200 leading companies - all members of the Partnership for New York City - sent an urgent letter to House Republican Leadership asking them "to quickly pass the Terrorism Risk Insurance Reauthorization Act (TRIA)."
TRIA was originally passed in 2002 in the wake of 9/11, and exists to "provide a federal backstop for insurance coverage in the event of catastrophic losses from terrorist attacks." In other words, the bill was designed to help employers and insurers to appropriately manage terrorism risk. As it stands, TRIA is set to expire in December 2014.
On July 17, the Senate passed a version of a TRIA reauthorization 93-4 in a display of overwhelming support from both sides of the aisle. The Senate's renewal bill extends TRIA for an additional seven years, and was first brought to the floor by Sen. Schumer (NY) in April. The House currently has its own version of the TRIA extension, which only proposes to extend the bill for five years.
The Partnership for New York City's letter cites the U.S.'s "vulnerab[ility] to international terrorism" and urges the House to "act swiftly to pass a bill that maintains a program structure that has proven effective and has had no cost to the federal taxpayer." It was signed by executives from a wide array of industries including. Some of the signatories included: fashion designer Tory Burch, media mogul Barry Diller, American Express CEO Kenneth I. Chenault, Viacom Inc. President and CEO Philippe Dauman, and billionaire John Catsimatidis.
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The House is set to vote on the Senate's version of the bill in coming weeks.
Here is the full text of the letter:
July 22, 2014
Honorable John Boehner (R-OH) Speaker of the HouseHonorable Kevin McCarthy (R-CA) Majority WhipHonorable Steve Scalise (R-LA) Majority Whip-ElectDear Representatives Boehner, McCarthy, and Scalise,We write to urge the House of Representatives to quickly pass theTerrorism Risk Insurance Reauthorization Act (TRIA). America remainsvulnerable to international terrorism. "TRIA" is one of the 21stCentury tools that we rely upon to protect American jobs and allowinvestment to continue, despite the risk of terrorism. With the sunsetof this federal program coming up in December, it is already difficultto renew insurance along the lines required by employers and propertyowners in urban centers. The bill that passed in the Senate last week with overwhelming,bipartisan support provides the federal backstop necessary to allowinsurers, employers, and property owners to continue to manageterrorism risk. It is important to the business community in New YorkCity and across the nation that the House act swiftly to pass a billthat maintains a program structure that has proven effective and hashad no cost to the federal taxpayer.We want to continue to work with you to keep our economy growing. TRIAis one of the public-private partnership arrangements that makescontinued growth possible. Sincerely-Lee S. Ainslie, III, Managing Partner, Maverick CapitalAjay S. Banga, President & CEO, MasterCardDavid Barger, President & CEO, JetBlue Airways CorporationCandace K. Beinecke, Chair, First Eagle Fund & Chair, Hughes Hubbard & Reed LLPFrank A. Bennack, Jr., Executive Vice Chairman of the Board &Chairman, Executive Committee, Hearst CorporationStephen Berger, Chairman, Odyssey Investment Partners, LLCWilliam H. Berkman, Managing Partner, Associated Partners, LPMark T. Bertolini, Chairman, CEO & President, Aetna Inc.Michael W. Blair, Presiding Partner, Debevoise & Plimpton LLPJeff T. Blau, Chief Executive Officer, The Related Companies, L.P.Kathy Bloomgarden, Chief Executive Officer, Ruder Finn, Inc.Adam M. Blumenthal, Managing Partner, Blue Wolf Capital ManagementMichael C. Bodson, President & CEO, The Depository Trust and ClearingCorporationFrank Branchini, Chairman & CEO, EmblemHealth Services LLCJacques Brand, Chief Executive Officer, North America, Deutsche Bank AmericasTory Burch, Chief Executive Officer, Tory Burch LLCUrsula M. Burns, Chairman & CEO, Xerox CorporationMichael A. Carpenter, Chief Executive Officer, Ally Financial Inc.Gregory C. Case, Chief Executive Officer, Aon plcDominic J. Casserley, Chief Executive Officer, Willis Group Holdings, PlcJohn Catsimatidis, Chairman & CEO, Red Apple Group, Inc.Kenneth I. Chenault, Chairman & CEO, American Express CompanyRichard B. Clark, Chairman & Global Head of Real Estate, BrookfieldOffice Properties Inc.H. Rodgin Cohen, Senior Chairman, Sullivan & Cromwell LLPCreighton Condon, Senior Partner, Shearman & SterlingPhilippe P. Dauman, President and CEO, Viacom Inc.Anthony J. de Nicola, Co-President, Welsh, Carson, Anderson & StoweTodd C. DeGarmo, Chief Executive Officer, STUDIOS ArchitectureBarry Diller, Chairman & Senior Executive, IACDaniel L. Doctoroff, President & CEO, Bloomberg L.P.Irene M. Dorner, President & CEO, HSBC Bank USADouglas Durst, Chairman, Durst Organization Inc.Richard W. Edelman, President & CEO, EdelmanJoel S. Ehrenkranz, Senior Partner, Ehrenkranz Partners L.P.Andrew Farkas, Chairman & CEO, Island Capital Group LLCRoger W. Ferguson, President & CEO, TIAA-CREFJoseph R. Ficalora, President & CEO, New York Community Bancorp, Inc.Laurence D. Fink, Chairman & CEO, BlackRock, Inc.Alan H. Fishman, Chairman, Ladder Capital Finance LLCWilliam E. Ford, Chief Executive Officer, General Atlantic LLCEdward C. Forst, President & CEO, Cushman & Wakefield, Inc.Russell P. Fradin, Chief Executive Officer, SunGardEric J. Friedman, Managing Partner, Skadden, Arps, Slate, Meagher & Flom LLPMark T. Gallogly, Managing Principal, Centerbridge PartnersMaryAnne Gilmartin, President & CEO, Forest City Ratner CompaniesBarry M. Gosin, Chief Executive Officer, Newmark Grubb Knight FrankJonathan N. Grayer, President & CEO, Weld North LLCJames H. Herbert, II, Chairman & CEO (Founding), First Republic BankMarc Holliday, President & CEO, SL Green Realty Corp.Brian T. Horey, President, Aurelian ManagementFrederick J. Iseman, Chairman & CEO, CI Capital Partners LLCBrad S. Karp, Chair, Paul, Weiss, Rifkind, Wharton & Garrison LLPJeffrey Katz, President & CEO, Sherwood Equities Inc.Klaus Kleinfeld, Chairman & CEO, Alcoa Inc.Henry R. Kravis, Co-Chairman & Co-CEO, Kohlberg Kravis Roberts & Co.William P. Lauder, Executive Chairman, The Estée Lauder Companies, Inc.Rochelle B. Lazarus, Chairman Emeritus, Ogilvy & Mather WorldwideJoseph M. Leccese, Chairman, ProskauerRichard S. LeFrak, Chairman & CEO, The LeFrak OrganizationJeffrey E. Levine, Chairman, Douglaston DevelopmentPamela Liebman, President & CEO, The Corcoran Group, Inc.Martin Lipton, Senior Partner, Wachtell, Lipton, Rosen & KatzTerry J. Lundgren, Chairman, President & CEO, Macy's, Inc.Bridget A. Macaskill, President & CEO, First Eagle Investment Management, LLCPeter L. Malkin, Chairman Emeritus, Empire State Realty TrustJoel S. Marcus, Chairman, CEO & Founder, Alexandria Real Estate Equities, Inc.Donald B. Marron, Chairman, Lightyear CapitalPeter W. May, President & Founding Partner, Trian PartnersJohn McAvoy, Chairman, President & CEO, Con EdisonSherilyn McCoy, Chief Executive Officer, Avon Products, Inc.Raymond W. McDaniel, Jr., President & CEO, Moody's Investors ServiceMitchell Modell, Chief Executive Officer, Modell's Sporting GoodsKenneth D. Moelis, Chief Executive Officer, Moelis & Company Holdings LPRobert E. Moritz, Chairman & Senior Partner, PricewaterhouseCoopers, LLPAtsushi Nakajima, President & CEO, Rockefeller Group International, Inc.Richard D. Parsons, Senior Advisor, Providence Equity PartnersDouglas L. Peterson, President & CEO, McGraw Hill FinancialCharles E. Phillips, Jr., Chief Executive Officer, InforIan C. Read, Chairman of the Board & CEO, Pfizer Inc.Scott H. Rechler, Chairman & CEO, RXR Realty LLCThomas J. Reid, Managing Partner, Davis Polk & Wardwell LLPDaniel W. Riordan, Chief Executive Officer, Global Corporate, NorthAmerica, Zurich Insurance Group LtdJames D. Robinson, III, Co-Founder & General Partner, RRE VenturesJulio E. Rojas, Chief Executive Officer, Americas, Standard Chartered BankWilbur L. Ross, Jr., Chairman & CEO, WL Ross & Co. LLCMichael I. Roth, Chairman & CEO, Interpublic GroupSteven Roth, Chairman & CEO, Vornado Realty TrustHoward J. Rubenstein, President, Rubenstein Associates, Inc.William C. Rudin, Vice Chairman & CEO, Rudin Management Company, Inc.Kevin P. Ryan, Chairman & Founder, GiltAlexander Saint-Amand, Chief Executive Officer, GLGAlan D. Schwartz, Executive Chairman, Guggenheim Partners, LLCFrank J. Sciame, Chairman & CEO, F.J. Sciame Construction Co., Inc.Michael C. Slocum, President, Commercial Banking, Capital One BankTad Smith, President & CEO, The Madison Square Garden CompanyJames C. Smith, Chief Executive Officer, Thomson ReutersJ. Eric Smith, Chief Executive Officer, Swiss Re AmericasJerry I. Speyer, Chairman & Co-CEO, Tishman SpeyerArthur P. Steinmetz, President & CEO, OppenheimerFunds, Inc.Mark Thompson, President & CEO, The New York Times CompanyMary Ann Tighe, Chief Executive Officer, NY Tri-State Region, CBRE, Inc.James S. Tisch, President & CEO, Loews CorporationJohn B. Veihmeyer, Chairman & CEO, KPMG LLPGeorge H. Walker, Chairman & CEO, Neuberger Berman Group LLCCharles Weinstein, Chief Executive Officer, EisnerAmper LLPChristopher J. Williams, Chairman & CEO, The Williams Capital Group, L.P.Robert Wolf, Chief Executive Officer, 32 Advisors, LLCDouglas M. Woodham, President, Americas, Christie'sKathryn S. Wylde, President & CEO, Partnership for New York CityTim Zagat, Co-Chair, Zagat Survey LLCStrauss Zelnick, Chief Executive Officer, ZelnickMedia CorporationMortimer B. Zuckerman, Chairman & Editor-in-Chief, USNews & WorldReport; Chairman & Publisher, NY Daily News; Chairman, BostonProperties